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XLE reversal opportunity

SPDR Select Sector Fund - Energy Select Sector (BATS:XLE)  
positionforex  
BATS:XLE   SPDR Select Sector Fund - Energy Select Sector
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XLE's streak of five consecutive losing weeks came to an end this week with a .79% gain and an equally important "hammer". The hammer candle in the attached chart is a potential bullish reversal candle that requires confirmation. As a coincident indicator we use the "overbought/oversold" Williams %R indicator. An overbought condition is bullish for the ETF and bullish conditions can remain so for extended periods of time. Prior reversals have coincided with a small dip of the Williams %R below overbought and then a sharp reversal back to overbought. If next week is positive for XLE we can consider this reversal confirmed and higher prices ahead.
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